Modification rejected so hired lawyer

[Schnelle]

Is Andrew still working for Loan Safe Solutions?

He has not responded to 5 of my latest emails.

His email < andrewp@loansafesolutions.com> also no longer exist.

[Cassietw]

Try Andrew@loansafe.org This is waht is in his profile information.

[Moe Bedard]

andrewp@modifyloan.net

[Schnelle]

Update: June 16, 2009

The day has come. I finally received the long-awaited FedEx package. From my understanding the terms of the loan modification are as follows:

1st Loan:
- Interest rate is fixed at 5.25% for the life of the loan
- $2,198.21 interest was added to my loan balance
- I have the option to pay interest only for 5 years or until 7/1/2015; monthly payment amount is $971.33
- After 7/1/2015 I will be required to make principal+interest payments; monthly payment amount is $1,489.07 until loan is fully paid

Heloc Loan:
- denied

I am happy to accept these terms especially after being denied 3 times. I knew from the beginning that it will be a challenge to get at least one of my two loans modified primarily because I have kept my mortgage payments current.

It has been a long journey and I am grateful it is finally coming to an end. My new interest rate, 5.25% is lower than my original rate of 6% and it is fixed for the life of the loan; I would never have to worry about my interest rate resetting - this is more than I originally bargained for.

I attribute my success story to Andrew Panessa. Throughout this process I was at peace knowing that he isn't going to give up on my behalf; he stuck it out with me until the end.

My sincere thanks to:
Andrew Panessa
Loan Safe Solutions
Creator and Administrators of Loansafe.org

[sarge]

Congrats Schnelle!! Glad you got your package and it was something workable for you. Maybe now you can focus on more important things.

[Andrew]

Thank you so much for the kind words. From everyone at the Loansafe forum. CONGRATS!!!!

[rozuki]

Congrats, Schnelle! Another victory....

[Schnelle]

rozuki & sarge,

Thanks for stopping by. For now the interest only payment is barely affordable. Although it is not sustainable in the long-run (unless my husband gets a raise), it will allow me to stay current for at least 5 more years.

It buys me some time to research the best course of action to take considering that:

1) I am $145,000 underwater. Mortgage is 277,000; Market Value 130,000.

2) My house payments total $1700 (includes 1st loan, 2nd loan, HOA, Prop Tax.) Current monthly rental of my condo is 1,100.

3) We would have to move out to at least a two bedroom rental when we start a family. Currently ours is a 1 bedroom condo.

4) Keeping up with our current mortgage does not allow us to put some money away for retirement/savings.

I am still considering short-sale or even walking away. I am aslo looking out for future motgage program for people with extremely underwater mortgages. For now I will keep my mortgage current until I am certain which direction to go.

[stressedout1]

Congrats! i have been following your post and i am glad you finally got the mod

[katita]

I went through a modification ....which was a joke...no great help...but yes every payment i did while on the process where put on hold....and spend infinite hrs complaining to post them because wI was getting collection calls and my credit started to drop. Nothing happens until they finished the process and even 4 months later still fighthing to get my credit repaired. They gave the offer within a month and signed it and mailed it back ...the hassles was to update their system that took forever. I would suggest to keep paying because ...still you don't know what's the outcome....All payments in hold will later be posted accordingly with agreement. If they just reduced the monthly amount you may feel short if haven't make payments.

[kdtran08]

Originally Posted by katita

I went through a modification ....which was a joke...no great help...but yes every payment i did while on the process where put on hold....and spend infinite hrs complaining to post them because wI was getting collection calls and my credit started to drop. Nothing happens until they finished the process and even 4 months later still fighthing to get my credit repaired. They gave the offer within a month and signed it and mailed it back ...the hassles was to update their system that took forever. I would suggest to keep paying because ...still you don't know what's the outcome....All payments in hold will later be posted accordingly with agreement. If they just reduced the monthly amount you may feel short if haven't make payments.

Hello all,

I do not want to spam the topic but the situation I am in right now drives me crazy. If I am in a wrong thread, you can move my post to a more appropriate place.
Here is my story, I have my first loan with CW since July 2007 (now Bank of America), and the second one of $40,000 with Bank of America. I bought my dream house for $450,000 with a 20% down payment so my original loan amount was $360,000 at 7% interest rate (fixed for first 5 years). Loan is 30 years. Now I still owe about $353,000. My monthly payment is 2,395/month. My house is only worth $205,000 now- greatly under water but I still love the house (it's 4 bed 4 bath single two-story house and I already put more than 100,000 on this house). My second loan is at 8% fixed rate for 15 years. Monthly payment for this loan $405.00/month. We're been doing ok but I got cut on my hours so I go back for Nursing School. I now only make $823/month grossly. My husband's income is $6,500/month. We also have a dependent now (she's my younger sister used to live with my grandma in Vietnam until my grandma passed away last year). We also have credit card debt and car loans to pay for.

So, I hired Madison Harbor Alc in Irvine to help me with my loan mod on April 13th 2009. I was current on both mortgages but stopped making payments since April. I am now late for April, May, June, and July. Madison Harbor told me not to be more than 3 months late and advised me to mail one mortgage payment with money order. I was also told that a package will be sent from my lender within 10 business days and that I am eligible for the Home Affordability Program.

My question is: should I wait for the package before mailing my mortgage payment? Or should I mail the payment asap? Again, I want to keep my home.

If anyone has any hint, please help me. I read almost all posts and threads here but everyone's stories are so different. Thank you!

[kdtran08]

Good news! I got the 3 month trial package from Bank of America. I am so happy though I know I still have a long way to go. So, my new trial payment will be due on August 2nd 2009. What should I do with the 4 mortgages payments I haven't paid? In the package, it states that unpaid debt will be added to the loan once the trial period is over and i still qualify. Some people told me to not exceed 90 days late period and that I should make 1 more payment. What should I do? I have a small fund but I was going to use it to pay some of my credit card debts. What do you guys think?

[Schnelle]

I have been making my newly reduced payment timely beginning the month of July. I noticed that my payments were not being applied to my loan; instead it is held in a "partial" account. When I inquired about how it will affect my credit reporting, I was told that it will not be affected.

This morning I got a credit report alert stating that Bank of America has reported me 30 days past due; my FICO score dropped from 764 to 689.

Sigh...

[Garry]

Originally Posted by Schnelle

I have been making my newly reduced payment timely beginning the month of July. I noticed that my payments were not being applied to my loan; instead it is held in a "partial" account. When I inquired about how it will affect my credit reporting, I was told that it will not be affected.

This morning I got a credit report alert stating that Bank of America has reported me 30 days past due; my FICO score dropped from 764 to 689.

Sigh...

Who ever told you it will not effect your credit lied. The gov. actually warns people that are current when they accept the MHA mod trial, it will effect their credit. My house was scheduled for a foreclosure sale, so once I get the first modified and current again, I will file for bankruptcy against my second if they don't want to play by the rules. While I'm at it, I'll take care of my credit card debt! They made a mistake screwing up my credit, now I have nothing to lose and everything to gain by filing for bankruptcy.